Polygon was created in 2019 and is the first platform created to scale Ethereum’s infrastructure. Its core component is the Polygon SDK, a modular and flexible framework that helps users build various types of applications. Polygon transforms Ethereum into a full-fledged multi-chain system, similar to an internet of blockchains. Through Polygon, other decentralized networks or applications (dApps) that are compatible with Ethereum can use the Ethereum network without experiencing high gas fees (transaction fees) and network congestion.
MATIC is the native cryptocurrency of the Polygon blockchain and is used to drive the development of the network. It can be used for staking, paying transaction fees, and creating NFTs. MATIC is built on one of Ethereum’s token standards, ERC-20, and has a limited supply of ten billion units. Users of the Polygon blockchain can earn MATIC tokens by providing resources and services to the network.
Polygon enables Ethereum to connect with other blockchains. Polygon's goal is to help Ethereum scale up while supporting its core functionality. It does not aim to take network participants away from Ethereum but rather to create a symbiotic relationship. Although Polygon is its own blockchain, it connects to Ethereum as a “sidechain.” This means that Polygon's blockchain runs in parallel and can communicate with Ethereum when needed.
All developers of so-called dApps (decentralized applications) who want to deploy an Ethereum-dependent application but also want to avoid its high fees and network congestion can instead code everything on Polygon. DApps built on Polygon can interact seamlessly with dApps built on Ethereum.
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Polygon's website: https://polygon.technology/
Polygon's white paper: https://polygon.technology/papers/pol-whitepaper